James Franco to play 'Ricky Stanicky'

Summit picks up Jeff Bushell's comedy spec

Summit is picking up "Ricky Stanicky," a comedy spec from "Beverly Hills Chihuahua" writer Jeff Bushell with James Franco attached to play the title character.

The story, which aims to be R-rated, is described as an ensemble comedy in the vein of "The Hangover," and begins when three teens pull a prank and burn down a house in their neighborhood. They create a fake person to take the blame -- Ricky Stanicky did it! Twenty years later, we see that the three guys have been using this alibi to get out of every uncomfortable situation in life. When their wives force them to set up a meeting with Stanicky, they hire an actor (Franco).

Michael De Luca, currently working on the new "Fright Night" movie, is producing with Smart Entertainment's John Jacobs, who produced "Chihuahua" as well as "Blades of Glory.

Zac Unterman of Smart is exec producing with Bushell.

Franco, coming off a comedic turn in "Date Night" and a stint on "General Hospital," has the Universal comedy "Your Highness" on deck, followed by the Julia Roberts romantic drama "Eat Pray Love." He is repped by WME and James/Levy Entertainment.